Establishes a regional school assessment reserve fund for municipalities in Massachusetts to manage tax increases.
The bill allows municipalities to create a reserve fund to manage regional school assessment increases. Funds can only be used if the Regional Assessment exceeds a 3.5% increase. The fund can be used to lower the Regional Assessment to no less than a 2.5% increase. The fund balance cannot exceed 10% of the annual Regional Assessment. The municipal treasurer can invest the funds, and any interest earned is credited back into the fund.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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